Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1296:

• WAEC 2016

Which of the following would result from an increase in the provision for doubtful debts?

A. A Decrease in gross profit
B. A decrease in net profit
C. An increase in gross profit
D. An increase in net profit

Question 1297:

• WAEC 2016

Use the following information to answer this question.
Acquisition cost of computers - Le 80,000
Installation cost - Le 20,000
Estimated residual value - Le 4,000
Estimated useful life - 5 years.
The depreciable value of computers is

A. Le 80,000
B. Le 96,000
C. Le 100,000
D. Le 104,000

Question 1298:

• WAEC 2016

Use the following information to answer this question.
Acquisition cost of computers - Le 80,000
Installation cost - Le 20,000
Estimated residual value - Le 4,000
Estimated useful life - 5 years.
The total costs of the computers is

A. Le 80,000
B. Le 96,000
C. Le 100,000
D. Le 104,000

Question 1299:

• WAEC 2016

Which of the following expenses constitutes prime cost?
I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent

A. I and II only
B. I and III only
C. I, II and III only
D. I,II and IV only

Question 1300:

• WAEC 2016

Partly manufactured goods are treated in the balance sheet of a manufacturing company as

A. Current assets
B. Fixed assets
C. Current liabilities
D. Long term liabilities